Utility reaches deal for $10B sale

TAMPA — Canadian energy and gas company Emera acquired TECO Energy Inc. for $10.4 billion, which includes assuming about $3.9 billion in debt.

TECO Energy (symbol: TE; recent price: $21.07) has more than $20 billion worth of assets and more than 2.4 million electric and gas customers. The boards of both companies approved the deal, according to a statement.

Under the terms of the deal, TECO Energy shareholders will receive $27.55 per common share, a 48% premium based on TECO Energy's closing stock price on July 15.